Mt. Gox Files For Chapter 15 Bankruptcy Protection In The United States
Following a filing for bankruptcy protection in Japan in late February (read more about that here), the troubled Tokyo-based exchange has reportedly filed for Chapter 15 bankruptcy protection at the U. S. Bankruptcy Court in Dallas, Texas, according to a number of reports (In re MtGox Co. Ltd., 14-bk-31229, U. S. Bankruptcy Court, Northern District of [Dallas] Texas). The move may, for the time being, put US-based legal action against the exchange on-hold - which will prevent Gox from spending presumably a large sum in legal fees defending themselves from a lawsuit filing in a Chicago....
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Troubled Japan-based bitcoin exchange Mt. Gox has filed for Chapter 15 bankruptcy protection, an ancillary form of bankruptcy that will complement its primary Tokyo District Court claim issued on 28th February. US Chapter 15 bankruptcy provides specific protections in cases of cross-border insolvency, and is based on UN model law. Both Japan and the US have adopted Chapter 15 bankruptcy in an effort to better protect the interests of shareholders and maximize the value of debtor assets in cross-border bankruptcies. At the time of its filing, Mt. Gox claimed an outstanding debt of ¥6.5bn....